As the title states, my spouse switched jobs and our new health insurance will go into effect on 3/1/21. He left his last job 12/29/20 and the insurance was covered until the end of the month (12/31/20).
From what I understand, we can sign up for COBRA through his old employer. The cost would be around $1600/month. I have read that we can sign up for COBRA retroactively, so we are considering not signing up for COBRA right away (or ever) and hoping to stay healthy and accident free until 3/1/21 (which is 59 days between insurance plans). Are there any downsides to this plan? Obviously having no insurance in the midst of COVID is not ideal, but if we can save $3200, we’d really like to do that.
Lastly, What about the ACA? will we get penalized for not having continuous coverage? How does that work, and how much is the penalty?
Thank you for taking the time to read and respond.
Edited to add we are in our mid-40’s and have 2 school aged children, no chronic health issues.
submitted by /u/mom_meanswell
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As the title states, my spouse switched jobs and our new health insurance will go into effect on 3/1/21. He left his last job 12/29/20 and the insurance was covered until the end of the month (12/31/20). From what I understand, we can sign up for COBRA through his old employer. The cost would be around $1600/month. I have read that we can sign up for COBRA retroactively, so we are considering not signing up for COBRA right away (or ever) and hoping to stay healthy and accident free until 3/1/21 (which is 59 days between insurance plans). Are there any downsides to this plan? Obviously having no insurance in the midst of COVID is not ideal, but if we can save $3200, we’d really like to do that. Lastly, What about the ACA? will we get penalized for not having continuous coverage? How does that work, and how much is the penalty? Thank you for taking the time to read and respond. Edited to add we are in our mid-40’s and have 2 school aged children, no chronic health issues.
submitted by /u/mom_meanswell [link] [comments]Read Morer/HealthInsurance